Complete Information on T1 Personal Tax Return

Generally speaking you have to file a return if you have to pay tax for the year, in some cases you have to file return even if you don’t have tax payable for the year. You need to file the return whether you are employed (Salary or commission income) or self-employed. Are you filing your first income tax return as a business in Canada? If yes, let me tell you if your business is a sole proprietorship or partnership or incorporation, then you have to file T1, which is better known as General Income Tax Form or Income Tax and Benefit Return. This is the same return that you have to file for your personal income taxes. If your business is a corporation, you have to file Corporate Income Tax Return, better known as T2.

Who need to file T1 Personal Tax Return?

All Individual Canadians, who need to pay tax on their income, shall file T1 Personal Tax Return with the Canadian Government. T1 shall include an individual’s complete income from all sources including, interest, dividends, rental income, capital gains, and so on. Several other reasons include to avail certain benefits, to claim refund, disposal of Capital property during the year and several other criteria where you need to file T1 return.

Apart from that, the foreign income of the individual Canadian should declare and include under the total income calculation.

Categories of Checklists Listed in T1 Return

• General: In this category, previous year’s taxation details, personal status details, and so are supposed to be provided to us to prepare your return accurately.
• T-Slips: In this category, all forms of income details are shared like Employment Income, Interest amount, mutual fund income, pension/retiring allowances, partnership income and so.
• Home Office: In this category, details of home office amenities, Mortgage Interest, other Maintenance & Repairs, and so are supposed to be provided to claim the expense.
• Other: In this category, details like spousal/child support, property tax, employment expenses, moving expenses, RRSP, any foreign income, and so are required to claim the deductions.

Apart from those above-listed categories, individual Canadians are supposed to share their Vehicle Expenses, Rental Expenses, all types of Deductions while submitting the T1 personal tax return form.

TD1 2019 Personal Tax Credits Return

Every year, individuals are supposed to file their T1 personal tax credit return within April 30 to avail of tax return benefits. The same date follows in this 2019 too. However, the Government of Canada issued a new notice in which it requested employees to submit their Form TD1 online instead of paper copies.

CHECKLIST FOR T1 RETURN

General

• Last Year’s Tax Return (If This Is Our First Year)
• Last Year’s Notice of Assessment (NOA)
• Details Of Changes to Personal Status – Marriage, Separation, Birthdates, Children Birthdates, New Address, Telephone Number, Disabilities, Death
• Amounts Paid By Tax Instalments.

T-Slips

• T4 Employment Income
• T5 Interest or Dividends
• T3 Mutual Fund Income
• T600 Canada Savings Bond Interest
• T4a (p) Canada Or Quebec Pension
• T4a Pension, Retiring Allowance, Scholarships
• T4RIF Registered Retirement Income Fund
• T4RSP Withdrawal from a RRSP
• T5007 Workers Compensation, Social Assistance
• T5013 Partnership Income
• T4E Employment Insurance Benefits
• T4PS Profit Sharing Plan

Deduction

• RRSP Contribution Slips
• Professional Fees or Union Dues (If Not on T4)
• Donations to Charities
• Medical Expenses (Drugs, Dental, Glasses, Therapy, Private Health Plan Premiums) Summarize By Family Member and Exclude Any Amounts Reimbursed
• Child Care Information
• Tuition Fees (Post-secondary)
• Interest on Money Borrowed To Earn Investment Income
• Investment Management Fees
• Labor Sponsored Venture Capital
• Spousal or Child Support Paid
• Political Contribution Receipts

Expenses

• Legal Papers of Buying Equipment & Vehicles Used In Your Business
• Utilities & Telephone Bills
• Property Taxes
• Rent/Mortgage Papers (Payment + Interest Paid)
• Insurance
• Advertising & Promotion
• Business Tax, Fees, Licenses, Dues & Memberships
• Delivery and Freight Charges
• Office & Supplies Expenses
• Salaries and Wages
• Travel Expenses
• Meals and Entertaining
• Other Related Expenses

Home | Office

Electricity, Heat, Water, Maintenance & Repairs, Insurance, Mortgage Interest, % Use of Home for Business

Other

• Spousal or Child Support Received
• Property Tax or Rent Paid (If Family Net Income Greater Than $40,000)
• Employment Expenses (Auto / Supplies / Home Office) (form T2200 Required – Signed By Employer)
• Moving Expenses (T1m) If You Moved 40 Km Closer To New Place of Work
• RRSP Home Buyer Information ❑ Details Of Any Foreign Income

Vehicle Expense

Fuel, Insurance, License & Registration, Maintenance & Repairs, Parking, Total Kms Driven For Business and Personal

Rental Properties

Details Of Owners/Partners, Gross Revenue, Advertising, Interest, Maintenance & Repairs, Office Expenses, Property Taxes, Travel Costs, Utilities.